Which of the Following Factors Would Not Be Considered in Setting

question 31

Multiple Choice

Which of the following factors would not be considered in setting an ocean marine insurance rate?

• A)route of the ship
• B)type of cargo being transported
• C)experience of the captain and crew
• D)ISO's standard base rate for marine exposures

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Definitions:

Recession

A temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

Transfer Payments

Payments made by governments to individuals without any goods or services being received in return, such as welfare, social security, and unemployment benefits.

Federal Budget Deficit

The amount by which a government's expenditures exceed its tax revenues over a specific fiscal period, leading to borrowing or debt accumulation.

Economic Growth

Growth in the inflation-corrected value of goods and services that an economy outputs over time.